{"id":609987,"date":"2023-11-13T00:00:00","date_gmt":"2023-11-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/13\/this-evening-kuwait-tops-up-usd-4-bn-deposit-with-cbe-before-next-years-expiry-date-dp-worlds-sokhna-logistics-zone-to-begin-construction-this-month\/"},"modified":"2023-11-13T00:00:00","modified_gmt":"2023-11-13T00:00:00","slug":"this-evening-kuwait-tops-up-usd-4-bn-deposit-with-cbe-before-next-years-expiry-date-dp-worlds-sokhna-logistics-zone-to-begin-construction-this-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/13\/this-evening-kuwait-tops-up-usd-4-bn-deposit-with-cbe-before-next-years-expiry-date-dp-worlds-sokhna-logistics-zone-to-begin-construction-this-month\/","title":{"rendered":"THIS EVENING: Kuwait tops up USD 4 bn deposit with CBE before next year\u2019s expiry date + DP World\u2019s Sokhna logistics zone to begin construction this month"},"content":{"rendered":"

Good afternoon, friends, and welcome to this busy Monday<\/strong> as fresh FX and investment updates are hitting our news cycle. <\/p>\n

THE BIG STORIES TODAY<\/strong><\/p>\n

#1- Kuwait has renewed its USD 4 bn <\/strong>deposit with the Central Bank of Egypt<\/strong> as Egypt continues to face an FX shortage and ahead of an anticipated devaluation later this year or early next year, reports Asharq Business<\/a>, citing anonymous government officials. The two-tranche deposit will now expire next year, with the first tranche maturing in April and the second in September.<\/p>\n

Reserves are creeping upwards: <\/strong>FX reserves have increased every month<\/a> since September 2022 after Russia\u2019s invasion of Ukraine last year triggered heavy capital outflows that saw Egypt bleed some USD 8 bn from reserves of USD 41 bn on the eve of the war.<\/p>\n

Gulf funds account for most of Egypt\u2019s foreign reserves:<\/strong> Saudi Arabia, the UAE, Qatar, Kuwait and Libya have deposited some USD 30 bn at the central bank, accounting for 85.5% of Egypt\u2019s current USD 35.1 bn stockpile.<\/p>\n

#2- Construction of Sokhna logistics zone to begin this month:<\/strong> DP World will break ground on its USD 80 mn logistics zone at Sokhna Port this month, the Emirati port operator said in a statement (pdf)<\/a>. <\/p>\n

Remember:<\/strong> DP World in August 2022 inked an agreement<\/a> with the Suez Canal Economic Zone\u2019s (SCZone) Main Development Company (MDC) to build the USD 80 mn logistics zone at Sokhna Port.<\/p>\n

The company has so far deployed <\/strong>USD 1.3 bn<\/strong> in the country\u2019s logistics sector<\/strong>, CEO and Chairman Sultan Ahmed bin Sulayem said. The amount was channeled into building a multi-purpose terminal at the Ain Sokhna seaport. The company will continue to pour investments into the logistics zone as well as other logistics services that seek to bolster maritime trade in the country, the statement reads. The company in November 2021 said it would invest USD 25-35 mn<\/a> in Ain Sokhna seaport over the next 2-3 years.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

The war on Gaza continues to dominate the international press this afternoon<\/strong> following Israel\u2019s continued attacks on civilian hospitals. Thousands of people seeking refuge fled Gaza\u2019s largest hospital, Al Shifa, during these attacks. <\/p>\n

Hundreds of patients remain trapped inside at risk of dying due to a lack of fuel and medical resources,<\/strong> reports <\/a>Reuters<\/a>. The siege and cut-off power caused 32 patients, including three newborns, to perish. Israel claims to be providing safe corridors for civilians but Palestinian health officials say that the compound is surrounded by heavy gunfire preventing any escape.<\/p>\n

Hezbollah also continued to fire missiles near the border with Israel<\/strong>, while the latter continued their assaults on Gaza, according to <\/a>Bloomberg<\/a> .<\/strong><\/p>\n

Meanwhile, the Pentagon announced a new round of airstrikes on Iranian facilities in<\/strong> Syria, <\/strong>says the <\/a>Washington Post<\/a> . <\/strong>Officials say the facilities were linked to dozens of attacks on US troops by Iran\u2019s Islamic Revolutionary Guard Corps (IRGC) and affiliated groups. US Defense Secretary Lloyd Austin stressed that this was a move \u201cto make clear that the United States will defend itself, its personnel, and its interests.\u201d<\/p>\n

Things are taking a surprising turn in the UK, too, where former prime minister David Cameron was just<\/strong> made foreign<\/strong>minister<\/a><\/strong> as part of a cabinet shuffle. Current PM Rishi Sunak fired interior minister Suella Braverman, replacing her with James Cleverly, who had been serving as foreign minister. <\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n